Only a small percentage of billionaires actually feel wealthy, a recent survey found.
According to Ameriprise Financial, only 8 percent of Americans with at least $1 million in investable assets consider themselves wealthy. investigation Over 3,000 adults. This equates to approximately 240 people.
Among millionaires, 31% said they considered themselves “middle class” and 60% said they were part of the “upper middle class.”
The findings revealed the impact of inflation, rising interest rates and economic uncertainty on the nation’s wealthiest people. In the current climate, fewer Americans, including billionaires, are confident in their financial situation.
Kim Maez, financial advisor at Ameriprise, said: CNBC: “Many people feel squeezed between rising prices and falling asset prices. It’s a necessary part of the business cycle, but it’s also unpleasant.”
Among billionaires, 31% said they considered themselves “middle class” and 60% said they were part of the “upper middle class.”
Inflation has slowed from last summer’s 40-year high of 9.1%, but as of September it was still running at an annual rate of 3.7%, which is the Federal Reserve’s target. This is well above 2%.
The Fed’s benchmark borrowing costs remain at a 22-year high. The central bank’s relentless rate hike campaign has pushed interest rates up from a record low of 0.5% in April 2020 to 5.5% currently.
Billionaire investor Ken Griffin warned last week that benchmark inflation could continue to rise in the US for “decades” and higher interest rates could become the norm.
This means that many high-income earners feel less wealthy.
a bloomberg A survey earlier this year revealed how a quarter of Americans with annual incomes of $175,000 or more describe themselves as “very poor” or “poor.”
Paychecks should be enough to put workers in the top 10% of U.S. tax filers, but 25% said they felt they were “getting by, but times are tough.”
And half of the 1,000 Americans surveyed described themselves as simply “comfortable” rather than “wealthy” or “very wealthy.”
![Although the inflation rate has slowed from last summer's 40-year high of 9.1%, it currently remains above the Federal Reserve's target of 2% and stood at 3.7% as of September. %.](https://i.dailymail.co.uk/1s/2023/11/13/17/76475269-12743643-Though_inflation_has_cooled_from_its_four_decade_high_of_9_1_per-a-31_1699895338106.jpg)
![Although the inflation rate has slowed from last summer's 40-year high of 9.1%, it currently remains above the Federal Reserve's target of 2% and stood at 3.7% as of September. %.](https://i.dailymail.co.uk/1s/2023/11/13/17/76475269-12743643-Though_inflation_has_cooled_from_its_four_decade_high_of_9_1_per-a-31_1699895338106.jpg)
Although the inflation rate has slowed from last summer’s 40-year high of 9.1%, it currently remains above the Federal Reserve’s target of 2% and stood at 3.7% as of September. %.
![The Fed kept interest rates unchanged at 5.25% to 5.5% at its November meeting.](https://i.dailymail.co.uk/1s/2023/11/13/17/77284885-12743643-The_Federal_Reserve_held_interest_rates_steady_between_5_25_and_-a-32_1699895338110.jpg)
![The Fed kept interest rates unchanged at 5.25% to 5.5% at its November meeting.](https://i.dailymail.co.uk/1s/2023/11/13/17/77284885-12743643-The_Federal_Reserve_held_interest_rates_steady_between_5_25_and_-a-32_1699895338110.jpg)
The Fed kept interest rates unchanged at 5.25% to 5.5% at its November meeting.
According to Census Bureau data, the average annual salary in the United States is $75,203.
However, Bloomberg found that more than half of respondents with a net worth of $500,000 felt they could “get by,” and some billionaires still described themselves as “poor.” It was revealed that there was.
Meanwhile, some Americans with a net worth of more than $5 million still describe themselves as “very poor,” “poor,” or “just getting by.”
The study found that even doctors, lawyers and other highly paid professionals (referred to in the study as “ordinary wealthy”) lack financial confidence.
This is despite being a homeowner and having savings for retirement.
The housing market has also been plagued by soaring borrowing costs last year, which have only begun to fall from a peak of nearly 8% in recent weeks.
More than half of respondents said they were worried about money, but 25% said they did not think they would be better off financially than their parents.
The study also considers many wealthy Americans moving to different parts of the country, joining the pandemic-induced population exodus from expensive cities to areas with more affordable living costs and lower taxes. It turned out that